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Anti-Money Laundering
AUSTRAC Identifies Emerging AML Risks Facing Super Funds
By Sanday Chongo Kabange | 28/09/2022
Super funds are exposed to cyber crime, as well as AML risks resulting from the growth in merger activity across the sector.
Conduct, Culture & Accountability
ASIC Finalises Guidance on Completing Timely Remediations
By Editors | 28/09/2022
ASIC says it should not have to oversee remediations in order for consumers to receive fair and timely outcomes.
Structural Regulation
NZ FMA Proposes to Update Guidance on Broker Obligations
By Editors | 28/09/2022
The FMA is proposing to update its 2014 guidance to align with regulatory updates and incorporate additional guidance for custodians.
Anti-Money Laundering
AUSTRAC Spotlights Risks Associated with Remittance Sector
By Sanday Chongo Kabange | 27/09/2022
Most remittance dealers and remittance network providers did not submit any SMRs in the reporting period assessed by AUSTRAC.
Cybersecurity
Australia: Optus Data Breach to Prompt Legislative Reform
By Manesh Samtani | 27/09/2022
Australian Prime Minister Anthony Albanese said the Optus breach was a “huge wake-up call” for the corporate sector.
CBDCs
RBA to Commence CBDC Pilot Tests Early Next Year
By Editors | 26/09/2022
The CBDC will be called eAUD. Industry participants are invited to propose CBDC use cases, and to participate in testing. Expressions of interest are due by 31 October.
Anti-Money Laundering
AUSTRAC Releases Risk Assessment of Bullion Sector
By Editors | 26/09/2022
Personal income tax evasion was the most common suspected offence, linked to 52% of SMRs, though the associated values were low.
Structural Regulation
RBNZ, FMA Seeks Feedback on Draft FMI Standards
By Sanday Chongo Kabange | 25/09/2022
The FMI Standards are likely to be issued in early 2023 and take effect around 1 August 2023 – once FMI designations are complete.
Conduct, Culture & Accountability
Australian Court Fines AMP for ‘Fees for No Service’ Conduct
By Editors | 25/09/2022
The Federal Court said the conduct reflected “very poorly on the organisation culture” of AMP, fining its subsidiaries a total A$14.6mn.
Cryptocurrency
Australian Senator Proposes Bill on Digital Asset Regulation
By Editors | 23/09/2022
The bill would establish rules for crypto exchanges, custody providers stablecoin issuers, and banks facilitating e-CNY transactions.
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